ADQ’s US$300M fund Alpha Wave Incubation to invest in India, SEA startups

Abu Dhabi’s non-oil sector holding company ADQ has launched a US$300 million VC fund, which will back early-stage companies in India and Southeast Asia.

The fund, named Alpha Wave Incubation (AWI) Fund, will be located at Abu Dhabi Global Market and managed by New York-based Falcon Edge Capital, according to a report by The Economic Times.

Mohammed Hassan Al Suwaidi, CEO of ADQ, said that the fund will also assist its portfolio companies in setting up their global or regional headquarters in Abu Dhabi’s Masdar City.

This will allow them to utilise the digital infrastructure in place, along with market access to the UAE and the broader Middle East and North Africa region, as well as other research and development.

ADQ is a public joint stock holding company that was formed in 2018. Formerly known as Abu Dhabi Developmental Holding Company, it manages a portfolio of companies in sectors, including healthcare, tourism and hospitality, logistics, manufacturing, utilities, media, agri-business, and real estate, among others.

Cambodian bank Wing, Techo Startup Centre collaborate to support the country’s digital economy

Wing (Cambodia) Specialised Bank and the Techo Startup Centre have announced a partnership to facilitate the growth of startups and small and medium-sized enterprises in the country.

With Wing, the Techo Startup Centre and its members plan to use the digital payment platform to find new opportunities for innovation.

Dr. Nguonly Taing, Executive Director of the Techo Startup Centre, said: “Our startup members will also be able to connect and learn from an innovative company such as Wing and reap the benefit from technical expertise, advice as well as digital payment solutions of Wing.”

Also Read: Grab launches ride-hailing service in Cambodia; partners with mobile payments firm Wing Money

According to Khmer Times, Techo Startup Centre was founded in April 2018 with the mission to help the country develop a well-rounded digital economy. It seeks to support entrepreneurs and build on official plans to transform and diversify the economy.

APAC arm of Japan’s recruitment firm Persol invests in SEA-focussed HR-tech startup Freecacy

Persol Asia Pacific, a subsidiary of Japanese recruitment firm Persol, has invested in Southeast Asia-operated HR-technology startup Freecacy.

The investment also signals both parties’ partnership that seeks to “replace AI recruitment in Southeast Asia by using AI that has learned a mixture of job seeker behaviour history, résumé information, and agent selection criteria.”

According to a Staffing Industry report, Freecacy operates ‘freeC’, a platform that supports AI research in Southeast Asia.

Takayuki Yamazaki, Chairman at PersolKelly and Head (APAC) at Persol, said: “The HR market in the APAC region is undergoing rapid changes daily, centred on the evolution of technology. This time, the business alliance with HR technology startup Freecracy is making a leap forward in Vietnam.”

Indian telco Reliance Jio raises US$1.5B more from KKR for a 2.32% stake

Indian telecom operator Reliance Jio Platforms have reportedly agreed to sell 2.32 per cent of its stake to US equity firm KKR, making it the fifth major deal the business group has sealed in the past weeks, TechCrunch reported.

Jio is the subsidiary of Reliance Industries, a business firm owned by Mukesh Ambani.

KKR has announced it plans to invest US$1.5 billion in the startup. When the deal is done, the equity firm will be joining a host of Jio’s other investors, such as Facebook, Silver Lake, Vista Equity Partners, and General Atlantic

Also Read: Afternoon News Roundup: Bukalapak denies reports of user data breach

With the investment from KKR, Reliance Jio platforms will be valued at US$65 billion.

Last year, Ambani committed to get Reliance out of its US$21 billion debt by 2021. The fresh funding that goes to its startup Jio would also be helping its oil and petrochemicals companies, which experienced 37 per cent tumble in net profit in the last quarter.
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Photo by Andrey Larin on Unsplash

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